November 22, 2024

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Evolus CEO David Moatazedi (left) and Daewoong Pharmaceutical CEO Park Seong-soo pose for a photo at the Korean drugmaker's botulinum toxin production site in Hwaseong, Gyeonggi Province, May 29. (Daewoong Pharmaceutical)

David Moatazedi, CEO of Evolus, the US company that sells Daewoong Pharmaceutical's botulinum toxin product Jeuveau, has pledged to boost its US sales to $700 million by 2028, the Korean pharmaceuticals company said Wednesday.

“Jeuveau is the fastest growing neurotoxin in the US for the past three years, and Evolus is on track to achieve at least $700 million in total revenue by 2028,” Moatazedi said during his visit to Daewoong Pharmaceutical’s botulinum toxin production facility in Hwaseong, Gyeonggi Province, May 29.

Evolus is Daewoong Pharmaceutical’s US partner that sells the botulinum toxin product Jeuveau, also known as Nabota. Evolus partnered with Daewoong in 2013 and began its US sales in 2019 following approval from the US Food and Drug Administration.

Last month, Evolus CEO Moatazedi and company executives visited Daewoong’s production facility in Korea to discuss business strategies.

Since its launch, cosmetic neurotoxin up-and-comer Jeuveau has been increasing its market share in the US, which is ruled by AbbVie’s aesthetics juggernaut Botox, where it now reaches some 12 percent, according to Moatazedi.

“US injectors highly value the quality of botulinum toxin, and Jeuveau's high-quality competitiveness, meeting these high standards, helped us achieve 12 percent market share in the US market," Moatazedi explained. “Young generations in the US are the largest and fastest-growing customer base, and we are focusing on branding and marketing to this demographic."

According to Moatazedi, Jeuveau’s annual sales this year are expected to reach $265 million, and Evolus aims to ramp up its revenue to $700 million by 2028.

Evolus and Daewoong will enhance their cooperation to increase Jeuveau sales in other countries as well. Evolus is currently selling Jeuveau in the UK, Germany, Austria and Italy under the brand name Nuceiva. The company plans to launch it in Australia and Spain this year.

"Over the past 11 years, through close collaboration during the clinical trials and approval processes in the US and Europe, we have grown together, and I am confident this partnership will continue for a long time," Moatazedi noted.

Daewoong Pharmaceutical CEO Park Seong-soo said, “(Daewoong Pharmaceutical) expects sales of its botulinum toxin product will be able to post an average annual growth rate of some 20 percent until 2030.”

Park added that Daewoong will seek mutual growth with Evolus by continuing its research to find supplemental indications for Jeuveau and accelerating launches of Jeuveau in the global market.

By Shim Woo-hyun (ws@heraldcorp.com)